I live in Alaska and walk my dogs every day, even when it's -25. I took them out in my new jacket this week at -20 with just a polypro shirt underneath and a pair of light snowpants. I was so warm I had to UNZIP the jacket!!!
The fit is also perfect for women. I hate the "marshmallow man" look in down jackets, but this one is tucked just a little at the waistline, which makes it surprisingly flattering. It's also longer than The North Face down jackets (which I owned before this one) so you won't get a sub-zero blast of air up your back if you bend over.
All in all, this is the best winter jacket I've ever owned, and I've lived in Alaska for 27 years.